Disclosure Quality of Management Discussion and Analysis (MD&A): Evidence from Large Florida Cities

Hai (David) Guo, Doug Fink and Howard Frank

Municipal Finance Journal, 2009, vol. 30, issue 3, 53 - 72

Abstract: Governmental Accounting Standards Statement 34 (GASB 34) requires state and local governments to provide a Management Discussion and Analysis (MD&A) in their annual financial reports. This is a direct “import” from the private sector’s accounting model, designed to give readers a clearer picture of the social and economic factors affecting the fiscal health of the reporting body. Content analysis shows considerable variation of disclosure quality among Florida large cities. High performers address critical dimensions of their operating environment and provide benchmarks with neighboring and national socioeconomic conditions.

Date: 2009
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